货币政策、企业家信心与上市公司投资效率*
MONETARY POLICY, ENTREPRENEURS CONFIDENCE AND THE INVESTMENT EFFICIENCY OF LISTED COMPANIES

摘要 企业、企业家等微观主体对货币政策的反应，在较大程度上影响货币政策的效果。货币政策可通过对企业家信心的影响，进而对公司投资效率产生作用。基于中国2007—2016年40个季度A股上市公司样本的实证研究表明：企业家信心在货币政策传导过程中有不可忽视的作用。企业家信心增强或者货币政策宽松时会加剧过度投资，减轻投资不足；企业家信心减弱或者货币政策紧缩时可以有效抑制过度投资，但会加剧投资不足。其中，国有企业对企业家信心和货币政策松紧的敏感性更强。进一步，货币政策对企业投资效率的影响，也会通过货币政策和企业家信心的交互作用而发挥作用。这种作用在国有企业和非国有企业之间无显著差异。
Abstract： The responses of microsubjects such as enterprises and entrepreneurs to monetary policy have a great influence on the effectiveness of monetary policy. Monetary policy can affect firms investment efficiency by influencing entrepreneurs confidence. Based on the 40 quarters samples of Ashare listed companies in China during 2007-2016, the empirical results show that entrepreneurs confidence cannot be neglected in the process of monetary policy transmission. Increased entrepreneurs confidence or easing monetary policy will exacerbate overinvestment and weaken underinvestment while decreased entrepreneurs confidence or tightening monetary policy will effectively curb overinvestment but will intensify underinvestment. Stateowned enterprises are more sensitive to entrepreneurs confidence and monetary policy. Further, the influence of monetary policy on the investment efficiency of enterprises will also take an effect through the interaction of monetary policy and entrepreneurs confidence, which shows no significant difference between stateowned enterprises and nonstateowned enterprises.